Economic science tries to design mechanisms to coordinate people's actions better.
Answer the following statement true (T) or false (F)
False
This is the definition of economic engineering, not economic science.
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An inverse intensity customer sorting rule is one in which
a. customers with high willingness to pay secure the discounted goods b. customers are rationed randomly between the discounted and full price goods c. no customers purchase below their willingness to pay d. customers with the lowest willingness to pay secure the discounted goods e. brand loyalty allows the incumbent to retain its regular customers
Education makes people more receptive to new ideas and methods, which leads to economic development
a. True b. False
The two most severe recessions of the post-World War II era occurred in 1981-1982 and 2008-2009 . The policy responses to the two recessions were
a. very similar; expansionary fiscal policy promoted a strong recovery in both cases b. very similar, but the recovery was nonetheless weak in both cases c. dramatically different; tax rates were cut and monetary policy was restrictive during the earlier recession, while government spending was increased sharply and monetary policy highly expansionary during the more recent recession d. dramatically different; tax rates were increased and monetary policy was highly expansionary during the earlier recession, while tax rates were cut and monetary policy was restrictive during the more recent recession
Behavioral economics
A. suggests that consumers purchase health club memberships instead of paying per visit in an attempt to commit themselves to an exercise regime. B. has contributed to microeconomics but not to macroeconomics. C. suggests that too much variety may be welfare enhancing. D. blends insights from sociology and economics.